Community Bank N.A. trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 17.6% in the second quarter, HoldingsChannel.com reports. The firm owned 5,140 shares of the utilities provider’s stock after selling 1,095 shares during the period. Community Bank N.A.’s holdings in Consolidated Edison were worth $370,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. FMR LLC lifted its holdings in Consolidated Edison by 3.8% during the 1st quarter. FMR LLC now owns 181,081 shares of the utilities provider’s stock worth $15,357,000 after buying an additional 6,640 shares during the period. Guggenheim Capital LLC lifted its stake in shares of Consolidated Edison by 1.5% in the fourth quarter. Guggenheim Capital LLC now owns 88,676 shares of the utilities provider’s stock worth $8,023,000 after acquiring an additional 1,285 shares during the period. Sunbelt Securities Inc. boosted its holdings in Consolidated Edison by 1.7% in the fourth quarter. Sunbelt Securities Inc. now owns 13,041 shares of the utilities provider’s stock valued at $1,180,000 after acquiring an additional 216 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Consolidated Edison during the 4th quarter valued at approximately $1,011,000. Finally, Global Trust Asset Management LLC increased its position in Consolidated Edison by 177.3% during the 1st quarter. Global Trust Asset Management LLC now owns 2,080 shares of the utilities provider’s stock valued at $168,000 after purchasing an additional 1,330 shares during the period. 59.76% of the stock is owned by institutional investors and hedge funds.
In other Consolidated Edison news, CFO Robert N. Hoglund bought 2,000 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was bought at an average cost of $71.65 per share, with a total value of $143,300.00. Following the completion of the transaction, the chief financial officer now directly owns 41,893 shares in the company, valued at approximately $3,001,633.45. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have bought 2,533 shares of company stock valued at $183,114 over the last quarter. Corporate insiders own 0.18% of the company’s stock.
A number of equities research analysts have recently commented on the stock. Mizuho reduced their price objective on shares of Consolidated Edison from $78.00 to $73.50 and set a “neutral” rating on the stock in a research note on Wednesday, July 15th. Credit Suisse Group reaffirmed a “sell” rating and set a $76.00 price target on shares of Consolidated Edison in a research report on Friday, May 8th. Wells Fargo & Co lowered their price objective on Consolidated Edison from $99.00 to $78.00 and set an “equal weight” rating for the company in a research report on Monday, May 11th. KeyCorp dropped their price objective on Consolidated Edison from $92.00 to $80.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 21st. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $85.00 target price on shares of Consolidated Edison in a research note on Thursday, April 30th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $77.42.
ED stock traded down $0.11 during trading on Friday, reaching $76.83. 4,369,318 shares of the stock were exchanged, compared to its average volume of 1,644,301. The firm’s 50 day moving average is $73.58 and its 200 day moving average is $80.78. The firm has a market cap of $25.67 billion, a P/E ratio of 19.80, a price-to-earnings-growth ratio of 9.07 and a beta of 0.19. The company has a current ratio of 0.80, a quick ratio of 0.74 and a debt-to-equity ratio of 1.10. Consolidated Edison, Inc. has a twelve month low of $62.03 and a twelve month high of $95.10.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 7th. The utilities provider reported $1.35 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.08). Consolidated Edison had a return on equity of 7.92% and a net margin of 10.53%. The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.60 billion. During the same period in the previous year, the company earned $1.39 earnings per share. As a group, analysts predict that Consolidated Edison, Inc. will post 4.24 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be paid a $0.765 dividend. This represents a $3.06 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date is Tuesday, August 18th. Consolidated Edison’s dividend payout ratio (DPR) is 70.02%.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,622 customers in parts of Manhattan.
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